What's going to happen to Primerica
's 24,000 licensed mutual fund representatives
's Josh Fineman and Zachary Mider report
that private equity firms are trying to buy the life insurer's 100,000-person sales arm from CitiGroup
In at least one possible deal, only the current asset and liabilities of Duluth, Georgia-based Primerica would remain with Citi, presumably putting the fund distribution arm in the hands of the new owner(s) as well. Bloomberg lists private equity Blackstone
, Ascensus (i.e. the former Bisys Retirement) owner J.C. Flowers
as some of the bidders.
Citi reportedly first put Primerica on the block last year (see MFWire
), but sources told Bloomberg that the deal discussions fell apart "as the global credit crisis eroded the value of life insurers' invested assets." Also, Bloomberg claims that in January Primerica co-CEO John Addison
had employees remove Citi references from their business cards and marketing materials.
Stay ahead of the news ... Sign up for our email alerts now